BAKU, Azerbaijan, Dec. 15
By Fidan Babayeva - Trend:
Azerbaijan's export of goods to Malaysia amounted to $60.6 million from January through October 2020, Trend reports with reference to the statistical bulletin of the Azerbaijani State Customs Committee.
In accordance with the data, the export of goods from Azerbaijan to Malaysia amounted to $475,000 in 2019.
"The share of Malaysia in the total export of Azerbaijan amounted to 0.5 percent of the total volume," the statistics bulletin says.
The import of Malaysian products to Azerbaijan amounted to $48.9 million from January through October 2020, while a year earlier this figure was $49.08 million.
The share of Malaysia in the total import of Azerbaijan remained unchanged and amounted to 0.6 percent.
The volume of foreign trade operations between Azerbaijan and Malaysia amounted to $109.53 million, which is 2.2 times more compared to the same period of last year.
Thus, the balance of foreign trade turnover between Azerbaijan and Malaysia remained positive over the reporting period, amounting to $11.6 million.
Azerbaijan's foreign trade turnover amounted to more than $21 billion from January through October 2020, which is 25.7 percent less than in the same period of 2019.
At present, the Malaysian PETRONAS company operates in Azerbaijan, which carries out the joint activity with a number of Azerbaijani companies in the energy sector.
Petroliam Nasional Berhad (PETRONAS) oil company has invested over $4 billion in the Azerbaijani economy over the years of its activity.
The cooperation between the Malaysian PETRONAS national company and the State Oil Company of Azerbaijan SOCAR is underway.
PETRONAS and SOCAR signed two Memorandums of Understanding on the search for opportunities for oil production (Goshadash field), on the supply of liquefied gas for SOCAR power plants (in Egypt, India, and Malta) in 2016.
Azerbaijan mainly imports fuel, chemical components, palm oil, and so on from Malaysia.
---
Follow the author on Twitter: @Fidan_Babaeva